Rivian has reported its first-quarter earnings for 2026, offering a clearer picture of its financial trajectory as the company begins production of the highly anticipated R2 electric vehicle. The electric automaker saw revenue rise in the first three months of the year, aided by strong sales of its existing R1T and R1S models, even as it prepares to launch the more affordable R2, which is expected to be a key driver of future growth.
Despite ongoing industry headwinds, Rivian reaffirmed its guidance that it will achieve positive gross profits by the end of 2026. The company's production and delivery numbers have been climbing, with the first quarter showing a significant uptick compared to the same period last year.
"The R2 represents a pivotal moment for Rivian," said CEO RJ Scaringe in a statement. "Our team is working tirelessly to ramp production and deliver on our commitment to profitable growth."
The R2, a smaller and less expensive SUV than the R1S, is seen as Rivian's bid to capture a larger slice of the mainstream EV market. The vehicle is being built at the company's plant in Normal, Illinois, alongside the R1 models and the commercial delivery vans for Amazon.
Rivian's stock rose in after-hours trading following the earnings release, as investors responded positively to the revenue growth and the reaffirmed profitability timeline.